The company chairman is in talks with Barnes & Noble's board right now

Leonardo Riggio purchased the Barnes & Noble bookstore chain over 40 years ago. Riggio is now talking about taking a page out of Michael Dell's playbook and possibly trying to take Barnes & Noble private. Barnes & Noble continues to struggle in the retail books market and is facing stiff competition with its line of digital readers as well.

Riggio says that he will bid for the company's bookstore, online business, and other retail assets. However, he is specific in stating that he is not interested in purchasing Nook Media, the arm of the company that makes and sells the Nook eReaders.

Riggio is the largest shareholder in Barnes & Noble with nearly 30% of the company to his name. He is also the company's acting chairman. Riggio says that he will speak with the board and try to come to a fair price for the purchase, which is expected to be mostly cash. No further details are available on the move at this time.

Barnes & Noble is currently under extreme pressure with its core retail sales declining 1.5% to $4.9 billion during the last fiscal year. Much of the pressure is coming from online retailers such as Amazon, eBay, and others.